BB in Hong Kong

Hi guys,

I just recently handed a summer position with a BB in Hong Kong. While it is not my plan to work full time in Asia after graduation, i was wondering if it would be a good idea to leverage this experience in Asia for full time US recruitment next year. What do you all think?

Also, if anyone know about the banking life-style in Asia, Hong Kong in particular, i'd really appreciate for some insights!

Thanks!

 

Just curious: can you tell us a little more about your situation?

Is this for a summer analyst or summer associate function? Are you a local Chinese from HK, an ABC or are you non-Asian? Do you come from a target school?

Just wanted to ask these questions because I happen to know that HK positions are very competitive and seem to be only destined for local HKers from target schools.

 

Hong Kong people are of lower calibre. They tend to be those who cannot get into NY office. Many times people use HK as a stepping stone for NY. I've interviewed for the HK offices and got a few offers from top BB. But I can tell you the quality of the applicants is substantially lower than that for US jobs. People who got into the final round of some of these HK jobs can't even talk and present themselves properly. They really espouse nerdiness to the extreme.

 

I had a good experience at BB in HK. World-class people with top notch skills. Whats more, it was very cosmopolitan. Ppl from all around the world working there. Notably, people had moved in to HK from BB offices around the world.

not sure about citibanker's comment...dont have too much experience so cannot comment further....

More views on this please

 
Best Response

I think that HK offices have a favourite bias towards HK students who obtain their undergrad degrees from top unis in the US/UK (Wharton, Harvard, Yale, Princeton, Ox-Bridge, LSE and the like). I am not sure whether I agree with citibanker's either, since I know a couple of HK people who belonged to the top of their classes during their undergrads (from schools mentioned above) and were subsequently hired by BB offices in HK upon graduation.

As an non local HKer from the UK, I have applied to BB HK offices before (London as a second choice). Oddly enough though, I didn't even receive a phonecall from the HK offices, while I got offers from different BB firms in London. I bet that London bankers are not of lower calibre than HK nor NYC ones!

 

Citibanker is being a retard, clearly. You work at Citi, and you're talking shit? WTF. Your firm couldn't beat a one-man boutique in Asia. BB HK is highly regarded in terms of global banking and can definitely be leveraged to a position in ny. HK banks are known to be the biggest sweatshops, yes, over ny, and they are paid greater than people in ny. As Tycoon said, they have world-class people with great skills, and many people from bb ny move INTO bb hk. As rembrandt said, they tend to hire people that are hkers, which is pretty logical - they want people that know Chinese and they want people that will stay. If you apply to banking in California or Texas, those firms will do the same and favor those from that area because they have an incentive to return.

 

I didn't say that people in HK office are smarter- if anything they probably have better grades because all they do is spend their time in the library. My point is that people in HK lack social skills, charisma and presentation skills, all of which are more important in banking than whether you get that A or not.

 

I know you can apply to both, but hk deadlines are december whereas ny is january february. HK also interviews and gives offers earlier.

As for the lack of social skills, charisma, and presentation skills, I do agree that hk candidates probably will not be the best in terms of that. On the other hand, I disagree that this is more important when it comes to your role as an analyst. Analyst = bitchwork, so I'd say the loser studying all day in the library would make a better analyst if anything.

 

HK process is longer than the NY process because they need to do telephone screening and then they fly over to NY to do final round interviews. So all in all the offers come out roughly at the same time.

 
PoppingMyCollar:
A lot of people have said it pretty accurately, HK is for nerds who can't get into NY.

So true, it's exactly the same for London. There's even an acronym for it - FILTH - Failed In London Try Hong Kong. Those arguing otherwise on here are just trying to make themselves feel better.

 
monkeynumber7:
Funny you'd say that ajel. Too bad if you could actually confirm where we worked, you'd feel like a dumb bitch. Yeah I think theres an acronym for that F U C K I N G F A G.

Grow up you child.

 

Let's just analyze why the HK BB's suck so bad huh?

-China (When everybody's moms are talking about China, you'd think that there's something special about HK and not NYC huh? Last time I checked, NYC belongs to U.S. of A)

-Capital Raising (HK and London are already surpassing NYC in terms of capital raising -- thank you very much to SOX)

-Global competition for talent (In American BB's, you'd only have your American student candidates as your competitors. In HK BB's, you'd face a truly global competition -- ranging from American, Canadian, British, Australian and some random European student; and they all come from very diverse education backgrounds. Moreover, last time I checked, Chinese is almost a quasi-requirement before you even get to be considered)

-Numbers and Probabilities (Where as American BB's hire hundreds of analysts per year, a typical HK BB would hire only a dozen or less. On a pure numbers basis, which one is easier to get in?)

-Reality (In reality, who the hell would not apply to BOTH NYC and HK? They're obviously shooting themselves in the foot for not doing so. When the interviews and offers come, obviously they would have to decide which one is better for themselves. So I fail to see how you'll go to HK when you fail for NYC/London. You apply for all at the same time!)

 

thanks for all the comments. Just a little background of myself:

Junior from Northwestern; not your typical studious Asian for I have quite mediocre grades and a great social life.

I have several comments based on what you've all said. I did struggle through US recruiting but I didn't choose HK just because I couldn't get anything in NYC or Chicago. Rather, I applied to HK last Nov. and was thinking that I'd still have chances in the U.S. if HK does work out.

My firm hired 13 interns for the summer, and the odds of getting one spot is quite low. I had 3 rounds of interviews with 10 differnt people to get this job...

I'm not sure if bankers in HK get paid more than NYC but for my internship i am getting free housing and flight.

Do you guys think it would be a good idea for me to stick with HK for full time (for 2 years) or try to do U.S. recruitment next year? I am afraid that I might not get a BB firm in NYC or Chicago.. and HK after all is a pretty tight place.

 

If so, you'll be fine for US recruitment next year. You'll be way ahead of those that didn't have an IB internship and you go to NWU, which is pretty good school for recruiting. Make sure you recieve an offer from the HK bank and you're set.

 

During my summer internship in Australia, even the IT, HR, Controlling, Finance interns all got flight + accomodation paid for. Some came from Perth to Sydney (which is a good 6-7 hrs flight) and were put up in good places. So really, I wouldn't think much of the free housing and flights. It's like a dip in the ocean for the company.

As far as HK goes, I don't know if you're a PR and how many stars you have if you are. But at a 17% flat tax rate and no super contributions from what I know, I can't imagine being much better off in NYC. Anyway, I'm bias because I'm about to go to HK and have no intention of going to NYC ever and barely give a damn about it.

 

idk.. it just seems rather bastardly for not returning to Hong Kong (that's if i end up with an offer). But the thing is, I thought i'd be really fun and exciting to do an internship in HK but as of now my goal is still set in the States. But once again, I've never been to HK and if I really like it, i may certainly change my mind.

Couple of questions though: how's the banking scene in HK? longer or shorter hours than NYC? Also, how does the tax situation work out for American citizens working in HK? How is the living expenses in HK compared to NYC? Lastly, are there more/fewer attractive girls in HK compared to the States, Asian/White?

You guys have been really helpful. If you need help with future internship recruiting/interviewing in Asia, let me know!

 

I have no idea why people are bashing BBs in Hong Kong. Some say it is a place for nerds who can't get into NYC. I totally disagree. In many cases, the social skillset you need in HK is probably broader than in NYC. I worked in a BB in HK during the past summer (and will join the firm for full time) and I did fly out of HK several times to meet CEOs and CFOs. I was also in constant contact with a CFO about a DCF model for their IPO. I seriously don't think a BB will have an intern with no social skill whatsoever to speak with a client.

I think it's all about your preference if you decide to work in Asia, and not because it's a back up. Interviews for Asia are just as hard.

estalol - here are some views I have for your questions...

The hours, from what I have heard and experienced, are very similar to NYC. There are days you stay til 3 or 4AM, and there are days you leave work at midnight or earlier.

Living expenses in HK is MUCH cheaper than NYC, so you actually do get to save money. Plus, all BBs provide housing stipend and many other benefits.

And girls? There are plenty of hot asian girls in HK. That's for sure. Check out the party scenes in Lan Kwai Fong if you do go to HK. And yes, you do have a chance to go party as an analyst (pretty much every week).

 

Heaps of bankers in HK studied abroad in places like US or UK. They had exposure to the same culture. That reduces the chances of working with the stereotypical HK nerd. Anyway, a couple of people from my team went to HK and they were awesome people.

All the people giving crap about HK, have you worked in HK or worked with someone based in HK?

 

To token and cafe_apple:

Thanks for your input and shedding light on this HK vs. NYC issue. I'm glad that there are smart people out there who are not xenophobic towards non-Americans.

 

there are a lot of people who only speak english (mainly executives who relocated from a different branch - expats), and in hk it's not as necessary to be bilingual. however in hiring, being fluent in chinese gives you a definite edge.

 

i'm a junior from berkeley and missed the deadline for the summer internship in hk. Now, is it still possible to break into i banks in HK given that i have not done an internship in an i bank? also, how did you apply for the HK positions? thanks cuz i really want to work in HK after graduation.

 

I'm afraid all the final round interviews and associated offers for summer IBD analyst positions for HK have already been extended.

While the usual advice in NYC would be to still try to call up some alumni or somebody to see if there's still any excess spots remaining but we're talking about a totally different scale here so I'm unsure whether that's fruitful --- i.e. an analyst army of hundreds in NYC vs. a dozen or less in HK for each bank.

Try the smaller IB names in HK and see if they have anything to offer.

 

Some of you here have pointed out that the BB have preference for the local students of HK? I'll tell you what, it definetely is the opposite, many of the large banks here tend to recruit HK kids who went abroad for their university degree and return for holidays.

As a local under grad student like myself, I've had the hardest time to break in to the ibank scene, beyond that I've grown up abroad but returned to HK for highschool and uni..so I have an edge in terms of english.

To be very honest, the sad fact is that much of the local HK students are too studious and pragmatic to the point they fail to present themselves soundly and as human beings.

However, there are still the exceptions, so don't look down or despise local HK students or you'll be in for a surprise.

 

Isn't that a bit presumptious to say that because you had a hard time breaking into ib that locals in hk are not preferentially hired. Thing about bb in hk is that most of those working there are from hk. Aside from that, why would bb hire strictly from states, given that hkers know the landscape much better and get paid less and people from the states will most likely not stay ft.

 

Praesentium omnis excepturi atque rem vitae repellat dolorem non. Dignissimos est consectetur non provident. Accusamus autem quia perferendis facere nemo deserunt asperiores. Voluptas mollitia officiis aliquam rem. Aut voluptatum rerum ratione aut. Et consectetur doloremque voluptatem. Dolore perspiciatis eaque omnis rerum.

 

Impedit vel natus accusamus et. Qui possimus sunt tempora nulla.

Quia autem quo ut non sed est itaque. Autem voluptatem ea recusandae. Provident suscipit quibusdam et ut provident. Quia soluta placeat vel qui assumenda incidunt magni omnis. Deserunt itaque hic rem omnis ut et adipisci.

Amet tempora occaecati non voluptate eveniet enim. Qui voluptatem et dolor adipisci. Et nobis veritatis iusto. Exercitationem quidem corporis et. Neque dolorem omnis voluptas. Similique eum maiores debitis magnam accusantium. Occaecati ea dolorem aut et iusto nesciunt eligendi. Vero ratione esse sunt est.

Corporis amet tenetur sunt ratione molestiae. Sint ad soluta culpa assumenda ut aliquam. Voluptas laboriosam porro aut. Consequatur reiciendis corrupti maiores fugit.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”